All Posts by Steve Patel

About the Author

World of online payday loans is vast, but a lot of those online payday loans agencies are nothing but scam sites, looking for easy prey. But I won’t go any further into those sites and anything connected with them. What I want to do in this article is present you few online payday sites that provide good offers and more than that- they will not screw you over.

Right now, buy several rating sites, the best site for payday loans is 100DayLoans. In short, they will provide loans up to 1 000 dollars within minute or two. Major downturn of this site is its live chat, an automated system that is activated through key words.

100DayLoans

100DayLoans is heavily regulated site whose loans are available in 42 states of USA. This site will connect you with lenders willing to lend you some money, and even though you will find it difficult to get full 1 000 dollars in first or second loan, it will become easier as you repay few lesser loans. 100DayLoans doesn’t offer a specific interest rate, because lenders you are connected with have a saying in that. In general, interest rates you find through this site are not as large as you will find somewhere else. APR of those loans is 615 percent for first few loans, but as you confirm yourself as good borrower they will go down even to 59 percent in some cases.

When it comes to repayment terms, normal 14-day rule is applied, but it can go up to 100 days as it is stated in name of the site. It all comes down to you and the lender, and the agreement made between the two of you.

NetLoanUSA

NetLoanUSA is another fast loan matching service which leaves a lot of terms to parties involved in loan creation. This loans has a huge network of lenders, and it will connect you with one whenever you ask for a loan. It has a lot of similarities with 100DayLoans, in many aspects. Their APR is a bit higher than the 100DayLoans, and it goes from 384 and up to 789 percent. These percentages are done on annual level and they should not concern you as long as you are able to pay those loans. In that case, for 100 dollars of loan you will have to pay between 10 and 30 dollars of the interest on 14-day repayment time.

24/7Loan

24/7Loan is another highly competitive service that connects borrowers and lenders. Similar rules are applied here as they are for previous two services. Average APR on loans provided through 24/7Loan are identical to previous site, but at the end it is all up to lender. 24/7Loan site is simple and easy to use, and they do not require extensive documents that are required by some other services. When it comes to support 24/7Loan has FAQ section which will give you many answers you might have, everything from general info on how the lending process works up to repayment conditions and other info on that subject.

If you are not interested in savings accounts then you should start right now, because they are good way to hold on to the extra cash you want to leave aside for darker times. These accounts are maintained by financial institutions that will pay you interest for keeping your money safe, but that money will be excluded from immediate cash flow which means that you will not be able to buy things with that money. Even if you request that money bank might be unable to provide it in exact moment. But there are reserves that will cover that. The reason behind the lack of your money is in financial markets. Banks will use money from those accounts in order to invest in financial markets and thus create source of income which will cover interest that you get and to get some profit as well.

There are no limits on maximum amount of money you can withdraw from saving account, but in return withdrawal from these accounts might be costly and time consuming. Same thing happens with online banks that offer savings accounts as well, because that request for withdrawal must be approved by Automated Clearing House, and only after that it is transferred to your normal brick and mortar bank from which you can withdraw it.

Interest rate

Holding on bigger amount of money without investing it might be good way to accumulate it and use it sometimes in the future, but leaving that money on your account to “gather dust” is not smart. If you have that kind of money then you should create a savings account and get interest on that money. And in this age of technology that bank doesn’t have to be some local bank that offers low interest and has high cost, it can be online bank that has high interest and low to none costs.

The best interest yields are found in online banks, which are less known to wider populace. Those online banks can work with high rates because they don’t have expenses brick and mortar banks have (for example they don’t have large network of branches they must manage). It might take a while to locate one such bank because they don’t have adds all over internet. But do search for Ally Bank, Capital One 360, Synchrony Bank and FNBO Direct and in them you will find some good and reliable banks that offer good interest rates. I can’t go in those interest rates too much, because they change over time, but average interest rate right now is around 0.9 percent.

Interest rate changes as financial market fluctuates, but that shouldn’t be a reason for making a savings account with fixed interest rate. That rate is already low, and keeping it on one amount is not smart in the long run. This is due to the fact that any change that happens can hurt your interest yield a bit, but it can also increase that yield a lot if interest rate sharply increases due to events that affect financial market.

Long-term loans fall into the group of loans with the longest repayment period, which can last from three to thirty years. They are most commonly used for purchasing a car or a home. But they are also very common when starting up a business. A long-term loan is granted by an entrepreneur in order to buy the necessary equipment to start-up the business, and the business is supposed to provide the income which will partly be used to repay the debt.

When starting a business or making any sort of large purchase, it is often impossible to do so without taking a loan. When it comes to long-term loans, they may have their advantages and disadvantages, just like all other types of loans. Therefore, before applying for a long-term loan, you should carefully reconsider both sides.

Advantages

When it comes to the advantages, long-term loans usually have very low interest rates, since they are secured against assets. This means that repaying the debt will not cost you too much on the long run, even when the amount of interest is summed up. In addition, interests on loans paid on assets, which are intended for business, are tax-deductible, which further reduces the overall cost of repayment.

Then, if you want to start a small business, equity financing would require you to give up a part of ownership of the business. With long-term loans, you get to keep 100% ownership. So this is why long-term loans are ideal for starting a personal business. When it comes to credit rating, long-term loans are ideal for raising your business’ credit rating. If you repay the installments of debt timely, the credit rating of your business will be significantly improved, and you will not have to rely on your personal credit rating when you need anything for the needs of business.

Disadvantages

In addition to the advantages, there are also some disadvantages of long-term loans. First of all, the repayment of debt can pose a problem while your business is still at the beginning. You do not only need to buy the equipment needed for the business, but there is also furnishing the offices, paychecks for the employees, and since your business still needs to be heard of – a marketing campaign should also take a lot of effort and money in the beginning.

When in addition to all that you also have the installments of debt to pay every month, it can be difficult to start a turnover and create an amount of money you can invest further or save for other business or personal needs. Another disadvantage lies in the fact that long-term loans are secured against assets. Even though it means that the interest rate will be lower, in case of impossibility to repay the debt, you may lose the assets against which your loan is secured.

Before you choose to take a long-term loan, make sure to think it through and to take all the advantages, disadvantages and possible outcomes into consideration.

As the calendar changes from 2016 to 2017, credit card companies are already looking forward to many of the changes the new year will bring consumers. Credit card companies are prepared to make 2016 one of the most exciting years in credit lending since the credit card industry went mainstream in the 1980s. Here are some of the exciting offerings from credit card firms in 2016.

New Security Measures

Both Visa and MasterCard, the leaders in debit and credit card processing, are phasing out magnetic strip credit cards in the United States. Instead, they will begin using the European-style chip-and-PIN device.

Chip-and-PIN style credit cards are fitted with an embedded chip. The card readers are programmed to recognize the chips as being authentic or invalid. The card will be active following the entry of a PIN number, similar to debit cards.

These products have been used throughout Europe for years and have proven safer from many common scams and frauds in the United States. Companies are upgrading their card readers to handle the new offerings from Visa and MasterCard.

More Secured Credit Cards

The CARD Act of 2009 placed limits on certain fees and rates companies could charge those high-risk borrowers. For credit cards, no company can charge more than 25 percent of the credit limit as a usage fee.

To combat this, secured credit cards have become more popular. These secured credit cards are issued with collateral paid first. These cards offer a line of credit based on an amount and secured by the user. For example, a $250 credit card will require a $250 deposit before the card is issued. This protects the bank from default.

These cards are becoming more popular as a way to prevent loses from high-risk borrowers. Customers are seeking them out as a way to avoid income requirements and rebuild credit history. So more of these cards will become available as lenders cater to the demands of customers.

More Available Credit Cards

Credit card companies have learned the lessons from 2007 and 2008. They have purged billions in bad debts, freed up available credit lines, finalized compliance with the CARD Act, and are ready to begin lending again. This works out wonderfully for the growing number of Americans working part-time or lower wage full time jobs.

These individuals, and their spouses, need available credit for emergencies and other situations traditional lenders won’t provide credit for. Credit card risk managers have learned how to judge risk more accurately and to forecast earnings and losses from prospective customers. For this reason, credit cards are offering more cards to more clients, as well as increasing credit lines for existing customers.

More available credit cards offer a stimulative effect to the overall economy. Because that, firms who offering credit card are excited to begin offering new products and services. Also new bonuses, and more credit to borrowers than has been available in years past.

Credit Cards Beyond 2013

Credit cards moving into 2017 and beyond are expected to use even more advanced technology to assess risk and prevent fraud. They are looking at ways to prevent and reduce identity theft losses. For consumers, 2016 will be a great year for a credit card.

Payday loan can be solution in some hard financial situations, but if you ever thought to take payday loan, it would be wise to reconsider you all options firstly.

These loans will allow you landing of money in short amount of time and you will be required to pay them when you receive your next paycheck. They can be very convenient, with a quick access and time of approval, but there lies the danger, because everything can turn into financial catastrophe.

Their fees are extremely high and it will charge you on every $100 fee of $22 on monthly level, but if you borrowed that money on credit card, your fee would be %18 annually, which means five dollars less and on annual level. This why you should plan your every financial step, because it can cost you greatly.

Short payday loan

If you try to convert your loan into APR, interest rates would be around 1,000%, this could be a really helpful warning: how this loan can be extremely dangerous. On the other hand, APRs can seem a bit unimportant, because even a money you borrowed for short period of time, can have huge APR fee.

This loan shouldn’t ever become your regular mean of payment. If you use them on monthly basis, then you are in serious financial problem and they will make things even worse. You should try to balance your budget and lower your expenses. This money is easy to get, but what happens next month when you find yourself in debt collectors hands.

You have to be 100% sure that you will be able to pay this loan when the time comes, others wise don’t bother getting one. It doesn’t matter how desperately you need the cash, you will get in a circle, where is hard to find the way out. Try to find some other solution instead of becoming a slave of these companies that will pray on your financial misery.

Long payday loan

Large number of these companies will let you borrow the money on longer periods of time, some of them will give you three months. This all may seem appealing, because you don’t have to return the money all in once when the paycheck comes. But remember, the longer the time, the bigger the interests. Luckily, there is a limit, your interest can’t be bigger than double the amount you got. But you shouldn’t relay too much on this, if you really need this kind of loan, always plan ahead how are you going to return it.

If you repaid your loan within required time, the landing company will know you are reliable costumer and they will try to attract you one again, because of the fact they live on you and only waiting a moment of your mistake to impose you bigger fees and interests. If they see that you are returning a money regularly, they will try to offer you a larger amount, naturally with bigger fees. Even though this offer may seem appealing, it would be wise to refuse this, even if you get some kind of a discount.

What you also should reconsider, it that these loans can damage your credit history, even if you pay them within required time. They may affect you to get a mortgage, because they will present you in a bad light and someone who isn’t reliable.

Short term loans can be extremely beneficial when it comes to dealing with immediate finance related issues. Such issues can emerge any time, leaving you unaware of your financial requirements. What do you do when you are suddenly in need of money? Do you panic? Or do you think of a solution? One of the best solutions, which you can use, is the short term loan.

Short term loans are considered an effective way of dealing with immediate financial problems. Often students are worried about their tuition fee and think of taking up a loan. In such cases, short term loans are a great way to acquire loans. This is because it helps the students ensure that they do not fall behind on making payments.

So the question then arises, how do you acquire short term loans? Here is the process.

Get Help

The first thing that you need to do is get help from your financial aid office. This means, asking them the correct procedure of applying for the loan. They will guide you regarding the required documentation, which must be processed before you can be eligible for the loan. Therefore, it is always a good idea to ask for their help and guidance as they are in a much better position to explain what you should do.

Consider repayment Options

The next thing you need to do is have a back plan. For what, you might ask. You should have it for repaying the loan. Now that you have made the decision of opting for a loan, it becomes very important that you start discussing different options, using which you will repay the loan. This is very important, as you will be required to pay the loan within 90 days, from the day you received it. During this period, you will also be required to agree to refrain from opting for any other kind of student loan.

Therefore, take a decision after careful consideration of the consequences, and make sure that you know how you will repay your loan.

Interest

On most of the short term loans that are offered to students, the interest rates are low, making them a feasible option for students. With part time jobs, it becomes easier for students to repay the loans, while paying the interest on it. When you compare these loans, to some of the loans offered by financial institutions, they are considered to be far better. Simply pay off the original amount with the interest and you are free.

So make sure that you contact the right authority for acquiring student loans. Short term loans are all you need to pay off your fee for the semester and then repay them. Make a plan on how you will meet the requirements of the loan and pay it off. This will help you in being prepared for the payments every time you need to pay it.

Now that you have understood the procedure, do not hesitate; just apply for a short term loan.